After a review of their statutes, Arizona has announced a reduction in the dormancy period for property code IN03, Proceeds Due Beneficiaries. This type of property should be reported after 1 year instead of 3 years.
This change should take effect immediately. Holders will not be penalized for any due diligence letters that were missed because of this change in dormancy.
If you have any questions, please feel free to contact Jodie Ford at the state of Arizona. Her phone number is 602-716-6031. Her email address is
jford@azdor.gov.
As a reminder, Life Insurance companies must file their Arizona report by May 1.
Author: Danielle Herring
Product Manager, UPExchange
Labels: UP Dormancy
